FG to auction N70bn bonds May 23

The Federal Government has offered for
subscription by auction N70 billion worth of bonds in its May 23 auction, the Debt Management Office (DMO) said. The offer circular obtained from its website on Tuesday in Abuja, stated that it would sell N20 billion of a five-year re-opening issue maturing in April 2023 at 12.75 per cent. It would also sell N20 billion seven-year re-opening bond to mature in March 2025 at 13.53 per cent and another N30 billion 10-year re-opening bond at 13.98 per cent to mature in Feb. 2028. Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit. NAN